October 24, 2008

    

Lower soy imports in October as compared to September in China

 

 

Chinese buyers have reported the arrival of 722,900 tonnes of soy within October 1-15, which is only half the 1.35 million tonnes reported for September 16-30 as lower edible oil prices lessened imports by the world's top buyer.

 

Traders attributed China's record soy imports in September at more than 4 million tonnes to an advanced customs declaration by buyers seeking to enjoy a lower import duty that expired last month.

 

The soy import duty is now 3 percent again, having been cut to 1 percent last year on concerns about decade-high inflation.

 

The ministry estimated October imports would be 1.82 million tonnes, lower than traders' estimation of 2 to 3 million tonnes. Previously, the ministry's estimates have also fallen short of actual arrivals, which one official attributed to some buyers not being informed about the new reporting system.

 

Buyers also reported imports of 137,600 tonnes of rapeseed for October.
 

                 

Loaded

Monthly

 

Oct 1-15

Sept 16-30

Oct

Nov

Soy

Argentina

364918

283530

518918

60000

Brazil

65512

63680

0

 

US Gulf

49000

57301

328409

646759

(PNW  )

361749

625

947900

396000

Unspecified

0

65226

278

70

Total

841178

470362

2073797

1102759

Soyoil

Brazil

0

78600

0

0

Argentina

72800

54624

72800

0

Unspecified

2000

75238

2000

0

Total

74800

208462

74800

0

Rapeseed

Canada

0

10000

91500

55000

Rapeseed oil

Canada

5000

0

7000

0